Grindr (NYSE:GRND) Coverage Initiated at TD Cowen

Analysts at TD Cowen began coverage on shares of Grindr (NYSE:GRND) in a research note issued to investors on Thursday, Marketbeat reports. The firm set a “buy” rating and a $12.00 price target on the stock. TD Cowen’s target price points to a potential upside of 22.95% from the stock’s previous close.

Grindr Stock Performance

GRND opened at $9.76 on Thursday. Grindr has a 12-month low of $4.49 and a 12-month high of $10.69. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -30.50 and a beta of 0.24. The business has a 50 day moving average of $8.94 and a 200-day moving average of $7.60. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 13.21.

Institutional Trading of Grindr

Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc raised its holdings in Grindr by 28.8% in the 4th quarter. Legal & General Group Plc now owns 7,327 shares of the company’s stock valued at $64,000 after acquiring an additional 1,639 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Grindr during the 4th quarter worth $89,000. Cubist Systematic Strategies LLC acquired a new position in shares of Grindr during the 1st quarter worth $65,000. State Board of Administration of Florida Retirement System bought a new stake in Grindr during the 2nd quarter worth $64,000. Finally, Citigroup Inc. bought a new stake in shares of Grindr in the 2nd quarter valued at about $68,000. 7.22% of the stock is owned by institutional investors and hedge funds.

About Grindr

Grindr Inc operates social network platform for the LGBTQ community. Its platform enables gay, bisexual, transgender, and queer people to find and engage with each other, share content and experiences, and express themselves. It offers ad-supported service and a premium subscription version; and manages Blendr, a dating service application.